Cognito Forms Acquired by Inverness Graham

The Inverness Graham Playbook: How a Philly Buyout Firm Is Betting Big on Tech-Driven Industries
The private equity world moves faster than a Wall Street trader on triple espresso shots, and Philadelphia’s Inverness Graham has been quietly playing chess while others play checkers. This lower middle-market buyout firm isn’t chasing flashy unicorns—it’s snapping up under-the-radar tech companies that are quietly revolutionizing old-school industries. From manufacturing plants running on AI to fleet management systems that would make Elon Musk nod in approval, Inverness Graham’s portfolio reads like a blueprint for the future of industrial America.
But here’s the twist: while mega-funds battle over SaaS darlings, this Philly firm is making bank by bridging the gap between analog industries and digital disruption. Their secret? A mix of surgical acquisitions, operational muscle, and a sustainability play that’s more than just PR spin. Let’s crack open their playbook.

Acquisition Alchemy: Turning Niche Tech into Gold

Inverness Graham doesn’t do “spray and pray” investing. Each acquisition is a precision strike, like a sniper picking off targets. Take their recent grab of Cognito Forms—a form-building software company that sounds mundane until you realize it’s the backbone for thousands of businesses automating paperwork. Then there’s BenefitHub, a benefits admin platform they folded into their healthcare vertical, later bolstered by snapping up Abenity. Together, they’re building an employee benefits empire while competitors are still figuring out their Zoom backgrounds.
But the real crown jewel? Alliant, a data analytics powerhouse. While other firms were busy overpaying for generic martech platforms, Inverness Graham quietly acquired a company that turns consumer data into actionable gold—without the privacy scandal headaches. The kicker? They let Alliant operate independently, proving they understand that some tech geese lay golden eggs precisely because they’re not force-fed corporate Kool-Aid.

The Vertical Integration Endgame

What separates Inverness Graham from private equity tourists is their vertical stacking strategy. They don’t just buy companies—they build ecosystems. Their transportation tech arm is a masterclass: first, they grabbed GPS Trackit (fleet telematics), then doubled down with Zonar Systems, creating a one-stop shop for fleet health and compliance. In an era where logistics companies are drowning in regulatory red tape, this combo isn’t just convenient—it’s borderline essential.
Same playbook in manufacturing. Their purchase of Custom Agronomics wasn’t about tractors; it was about precision agtech—think IoT sensors optimizing fertilizer use down to the milliliter. Meanwhile, their KICTeam acquisition (cleaning products for fintech hardware) proves they’ll bet on anything—even industrial-strength Windex—if it services a tech-dependent industry.

Green Light Strategy: Sustainability or Smart Business?

Every PE firm has an ESG slide in their pitch deck these days, but Inverness Graham’s Green Light initiative stands out because it’s profit-first greenwashing. They’re not funding tree-hugging startups; they’re backing companies like Corsica Technologies (managed IT services) that help businesses slash energy costs through smarter systems. It’s sustainability with a spreadsheet—reduce waste, boost margins, and let the PR team spin it as planet-saving.
Here’s the genius: by focusing on lower middle-market sustainability plays, they avoid the inflated valuations of cleantech unicorns while still riding regulatory tailwinds. Governments are mandating greener operations; Inverness Graham is supplying the picks and shovels.

The Bottom Line: Why This Matters

Inverness Graham’s moves reveal a broader truth: the real tech disruption isn’t in Silicon Valley—it’s in the factories, fleets, and filing cabinets of traditional industries. While VC darlings burn cash on customer acquisition, this firm is quietly monetizing the digitization of everything from HR paperwork to combine harvesters.
Their playbook offers lessons for investors and operators alike:

As supply chains get smarter and every industry gets a tech makeover, Inverness Graham’s strategy looks less like clever investing and more like a roadmap for the next decade of private equity. The question isn’t whether they’ll keep winning—it’s how long before the Wall Street giants start copying their homework.